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Tractor sales in India, a proxy for rural economic health, have seen a steep decline in key states in the west and south in the first 9 months of the fiscal year, dragging overall sales down 4% in the worlds largest market for the equipment. This follows record growth in FY23.

Tractor sales in India, a key indicator of rural economic health, have dropped by 4% in the first nine months of the fiscal year. States like Maharashtra, Karnataka, and Telangana experienced significant declines, attributed to erratic weather conditions and lower agricultural output. However, Uttar Pradesh saw a 6% increase in tractor sales, but it couldnt offset the declines in other states.

Tractor sales in India, a key indicator of rural economic health, have dropped by 4% in the first nine months of the fiscal year. States like Maharashtra, Karnataka, and Telangana experienced significant declines, attributed to erratic weather conditions and lower agricultural output. However, Uttar Pradesh saw a 6% increase in tractor sales, but it couldnt offset the declines in other states.

Economists say most indicators remain elevated but there are signs of growth slowing. "Indias manufacturing sector generated substantial growth in October, despite a challenging global economic environment," said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence.

Indias goods and services tax (GST) revenue rose 13% in October to ₹1.72 lakh crore, the second highest monthly collection since the levy was rolled out in July 2017, riding robust festive demand and improved compliance.

Tractor sales in India, a barometer for the rural economy, have declined for the second consecutive month, mainly due to irregular rainfall, a high base effect, and a delayed festive season. Manufacturers anticipate a sales rebound in November with the onset of Diwali. Despite the recent drop, tractor sales had seen continuous growth in recent years, reaching a record 944,000 units in FY23, a 12% YoY increase.

Led by Diwali, which begins with Dhanteras later this month, manufacturers expect sales momentum to return in the current month. Advancing for four straight years from FY20, tractor sales in India ended FY23 with a record 944,000 units, up 12% YoY. Domestic tractor sales in October dropped 5% to 117,714 units from 123,526 in the same period a year ago, according to data from Tractor Junction.

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